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No, it means they believe better safe than sorry. Follow the regulations that people might decide apply, so that if it they decide the regulations do apply, you're already covered and not risking messing up business by having been out of compliance.

These are the sorts of regulations that get in the way of international value exchange. Each country is just trying to look out for itself. And that's part of the problem. It would benefit people as a whole if governments were to compete similar to how businesses do. To this end, people should have the utmost freedom to move their property between countries. Regulations against this freedom act as chains which keep peoples' property, and therefore the people themselves, bound to a monopolistic, self interested government.

Isn't it justified for a country to be self interested to the point of monopoly because if the country falters it would harm so many of its citizens? Well, people would not be so highly impacted if countries were not so integral in peoples stores of value (ehem, national currencies) and it were easy for people to leave.

Of course, law-chained-property is not the only obstacle a person faces when they wish to move from place to place. The other barriers are more human. Family, homeland, patriotism, comfort of the familiar. Personally, I've never been one to care for these ties, but I understand those that do.

Technology, like bitcoin, is making these inevitably human bonds easier to cope with. Video and voice chat is another great example. Hell, if everyone had access to a teleporter none of those would be a problem. Miss Ma? Zap. Hi Ma!

For what is a government but a service to it's people? And what is freedom but the ability to choose your service?

Yeah or use a VPN maybe. Cavirtex actually has really good security for this. You are not allowed to withdraw coins if you are outside of Canada no matter what I am pretty sure. So from a security standpoint it makes sense. But i feel like maybe if the deposit IP is the same as the withdraw one it should be okay. I would be willing to help anyone out if they need Bitcoins to get moved...

They won't be able to withdraw. CaVirtex asks for proof of residency, so unless you are willing to declare false information about yourself, which in this case I believe would be illegal, changing the IP won't do much.

I'm Canadian and using VPNs, and CaVirtex once blocked my account because they wanted to know why it appeared I was login in from different countries. Once I explained I was on a VPN, they whitelisted me and unblocked my account under an hour after sending my explanation.

Sorry,I should have explained better. Filtering by IPs doesn't work because there are reasons why your IP wouldn't match your nationality or current location. The simplest example would be a Canadian on vacation in the states. In that case cavirtex shouldn't filter that IP. Another case would be an American with a Canada IP (perhaps because of a VPN for work). If cavirtex didn't warn that user they could be forfeiting deposited funds, that would be much worse than displaying a message to everyone.

I'm not for what cavirtex is doing my I'm against using IPs for filtering.

The most sensible fix would be to not allow deposits from users who can't withdraw.

This exchange is terrible. They wouldn't verify me and it took 2 months to finally receive an email back saying that I didn't provide them with enough info. I went with vaultofsatoshi and got verified with the same info I provided to virtex and was trading within 48 hours.

I can't understand how they can't return bitcoins when technically bitcoins don't even move geographical locations when they are sent... This is very strange, I'd love to know which Canadian law prevents the sending of bitcoins.

I've been suing them for a while now. "Canadian Citizens" is incorrect and must be edited. I am not a citizen, I am a temporary (soon-to-be permanent) resident in this country. Which is different from being a citizen.

Or they must let me know right now that because I don't hold a Canadian passport, my account will be disabled.

No, they state that if you deposit BTC from outside Canada you can only withdraw if you are a Canadian citizen. The wording leaves the following interpretations: you can register an account and all money that is deposited in BTC can be withdrawn in BTC without verification.

You can deposit BTC from inside Canada and withdraw it to inside Canada.

The wording is not clear.

EDIT: Also do they split up the deposited in two groups? All from within Canada, all from outside Canada? You could taint someones money by doing a miniscule deposit and forcing them to verify...

You have to be verified to withdraw coins. I'm guessing the verification process requires some proof of Canadian citizenship.

I'm not verified, should I go ahead and withdraw some bitcoin? Would that make you happy?

Edit: Regarding point 1.1:

1.1 VirtEx is a Canadian company providing services for Canadian users only in order to buy and sell Bitcoins for Canadian Dollars. This is a legal agreement between you and VirtEx (the "Agreement"). It governs, along with the VirtEx Privacy Policy, your relationship with VirtEx and how you use VirtEx services.

What exactly does that have to do with my assertion that Virtex does not require verification to withdraw BTC?

RE: 1, That would be ridiculous considering a) how easy it would be for someone to connect with a canadian ip (via a vpn service) b) that would force people to connect without the protection of a non-canadian vpn.

correct, but NSA still sees who made a transaction by metadata analysis if they have access to enough of your country's network or share data with your country's secret service, so you might want to use tor to send btc if you care about privacy.

but running full nodes over tor would be a massive waste of bandwidth so i definitely recommend against that.

But they weren't able to withdraw or deposit fiat for arbitrage either unless they are Canadian. CaVirtex prices are actually lower than other exchanges so it's where you want to buy. Keep in mind $1 USD = $0.90 CAD.

Unless there is a way to profit from arbitrage by withdrawing in litecoins.

Compared to competitors the fees are huge (over three times the fees). The industry average is 0.5% or less (of course the current fiat system has justified much higher fess for reasons that don't apply to bitcoin). Any exchange with decent volume crushes Cavirtex on the fees. For a global currency with no borders any trader who wants to provide liquidity will take the coins anywhere other than Cavirtex. That's why places like BTC-e and nearly any other major exchange does Cavirtex's level of trade for 6-12 months everyday. That translates into major profit that Cavirtex should want a piece of to make the shareholders they didn't screw over happy.

Sure I can. I can do a shit load of trades on any other exchange with reasonable fees. Make my profits somewhere else. Which means Cavirtex loses all those fees. Then bring the coins back to cash out for cheap. If they only want to be an entrance/exit, with no actual trading going on then they should go with a coinbase model and save some overhead. But if they want to get serious about it drop the fees.

Edit... It is the 1.5% per trade that is the problem. You won't get free liquidity. Traders need to eat to.

Traders provide liquidity. There is no market without them. But I am confident you wouldn't understand because trading and economics requires basic math skills not present in core statist/socialist belief systems.

How gay. Fuck exchanges, what's needed to to increase the usability and range of btc-otc and things like it. In fact, diversity of face to face exchange sites will be what's needed sooner or later, fuck the exchanges, they have and will always be the weakest links in the chain.